Vehicle Hypothecation Loans

Realize your dream of owning a new or used vehicle with a flexible and affordable Vehicle Loan from Universal Co-Operative Urban Bank Ltd. Our vehicle hypothecation loan is designed to provide you with the financial assistance you need with minimal hassle and attractive interest rates.

 

Key Features & Benefits

Attractive Interest Rates: We offer competitive interest rates to make your loan repayment affordable.

Flexible Loan Tenure: Choose a repayment period that suits your financial situation, typically up to 5-7 years.

Quick & Easy Processing: Our streamlined application and documentation process ensures a fast sanction and disbursement of your loan.

Hypothecation of Vehicle: The vehicle being purchased serves as the security for the loan, simplifying the process.

Loan for New & Used Vehicles: The loan is available for both new and good-condition used vehicles (within a specified age limit).

Minimal Documentation: We require a simple set of documents to verify your eligibility and process your loan.

 

Purpose of the Loan- 

This loan is intended for the purchase of:

• Two-wheelers
• Four-wheelers (Cars, SUVs, etc.)
• Commercial Vehicles

 

Eligibility

The loan is available to:

Salaried Individuals: Employees of reputed organizations with a minimum one-year of confirmed service.

Professionals/Self-Employed Individuals: Those with a regular and verifiable source of income.

Businessmen: Individuals with a established business and a track record of income.

 

Quantum of Loan & Margin

• New Vehicles: The bank may finance a significant percentage of the vehicle's on-road price, with the borrower paying a small margin amount.
• Used Vehicles: The loan amount will be based on the resale value of the vehicle, as determined by the bank's assessment.

 

Required Documents

Application Form: Duly filled and signed loan application form.

Identity Proof: Aadhar Card, Voter ID, PAN Card, Passport.

Address Proof: Aadhar Card, Electricity Bill, Passport.

Income Proof:

• Salaried: Latest salary slips, Form 16, and Income Tax Returns (ITR) for the last 3 years.
• Self-Employed/Businessmen: ITR for the last 3 years with computation, profit & loss statement, and balance sheet.

Bank Statements: Account statement/passbook photocopy for the last six months.

Photographs: Passport-sized photographs.

Vehicle Quotation: A proforma invoice or quotation from an authorized vehicle dealer.

Guarantors: Two guarantors may be required, along with their photographs, identity/address proofs, and income/net worth proofs.

 

Security

The loan is secured by the hypothecation of the vehicle to be financed. The bank's lien will be recorded on the vehicle's Registration Certificate (RC).

Processing & Other Charges

• Processing Fees: A percentage of the loan amount plus applicable GST.
• Application Fees: A nominal charge.
• Other Charges: Charges for membership fees, CIBIL report, stamp duty, etc., as per the bank's rules.

 

How to Apply

To learn more and apply for a Vehicle Hypothecation Loan, please visit your nearest branch of Universal Co-Operative Urban Bank Ltd. or contact our loan officers. Our team will be happy to assist you with the application process and provide you with all the necessary details.